Solvency II “not as comprehensive as US regulation” says New York insurance chief
Lack of Federal oversight should not be obstacle to equivalence, says key state regulator
The Solvency II European insurance supervision directive is "not as comprehensive and transparent" as US regulation, according to New York's state insurance regulator. Jim Wrynn, superintendent of the New York State Insurance Department, also criticises efforts by stakeholders in the process of the European regulatory overhaul to deny equivalence status to the US while its state-based regulation remains in place.
Both the Committee of European Insurance and Occupational Pensions Supervisors
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